403b Retirement Plan
Keuka College provides eligible employees with a 403(b)-retirement plan. This plan, which may be used in combination with your Social Security benefits and personal resources, helps to provide employees with income for retirement. As with all the other benefits summaries provided in this Handbook, the following is only intended to provide a brief summary and description of the current 403b Retirement Plan benefits offered by the College to eligible employees. The terms and conditions of participation are governed by the official policy and plan documents. To the extent that there are any discrepancies between the information below and the official policy and/or plan documents, the official policy and/or plan documents shall govern. The benefits summarized herein are subject to change at the sole and unilateral discretion of the College with or without notice, to the fullest extent permissible by governing law and regulations.
Eligibility
Regular Full-time, Regular Part-time, and Ten-month and Eleven-month employees are currently eligible to join our 403(b) retirement plan upon hire if they are at least 21 years of age. Eligible employees will receive the college matching contributions after 6 consecutive months of service.
Employee Elective Contributions
Plan participants may elect to contribute a percentage of their compensation to the 403(b)-retirement plan, subject to the plan's terms and certain established Federal limitations.
College Matching Contributions
Every payroll, the College currently contributes an employer match based on the percentage an employee contributes to the plan in accordance with the following schedule:
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Employee Contribution
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Employer Match
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1.000%
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1.000%
|
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2.000%
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2.000%
|
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3.000%
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3.000%
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4.000%
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4.000%
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Vesting
Employees are always 100 percent vested in the full amount of both their contributions and their employer match contributions. Both contributions are non-forfeitable in the event employment terminates.
Investment Of Accounts
Participating employees may direct how their account balances are invested by choosing among several investment options offered under the plan.
More Information
Other supplemental 403(b) plan options are also available. Employees with questions about their 403(b) Retirement account should be directed to the Office of Human Resources.
This is intended as a brief introduction to the 403(b) Retirement Plan. A more thorough explanation of the plan is contained in the Summary Plan Description and plan documents from the Office of Human Resources. In the event of a discrepancy between the terms of this policy and the official plan documents, the official plan documents will rule.